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Why Hillary Clinton sold America?s uranium - MarketWatchUranium prices have collapsed by a staggering 88% since their peak in the summer of 2007. They are down about three quarters since the February 2011 Fukushima nuclear reactor disaster in Japan, which caused that country to switch off most of its reactors and caused everyone else to review their nuclear-energy production.
As it happens, the price of this allegedly precious commodity just hit a new low of $20 a ton (In 2007 it was $160). It’s now half the price it was when the Russians took control of Uranium One. According to the World Nuclear Association, the miners’ trade body, that’s about 20% below the average cost of digging it out of the ground. Two thirds of the world’s uranium costs more than $20 a pound to mine.
The problem is that while lots of mines are producing it, hardly anyone wants it. Nearly all of the commercial use for uranium is for nuclear energy. Nuclear reactors are being mothballed. Plans for massive nuclear expansion are being shelved or reconsidered. Fukushima caused a massive political backlash against nuclear energy.
Even countries that still plan on building many more reactors — such as China and India — started slow-walking their plans and rethinking. And then the price of other sources of energy, such as oil and gas, collapsed. So there is even less demand for new reactors.
Meanwhile, despite the panic, U.S. uranium output isn’t very important anyway. According to the World Nuclear Association, the U.S. ranks ninth among global producers. Our production is less than one quarter of Australia’s and less than one tenth of Canada’s. The U.S. accounts for about 2% of total uranium production worldwide — meaning that the U.S. mines now in Putin’s hands account for about 0.4% of world output.
Whoa! You can really see why Vladimir Putin wanted “control” of it — and why the Clintons were able to charge him in return a stratospheric $250,000 net (plus, of course, the secret funds stolen from the Clinton Foundation) in return.